Retail

Parallel Capital Partners to Oversee $300M Portfolio of Retail/Office Assets in Honolulu

by Amy Works May 9, 2019

HONOLULU — San Diego-based Parallel Capital Partners has taken over asset management of a $300 million portfolio of office and retail properties in downtown Honolulu. As part of the deal, Parallel will oversee day-to-day management and leasing for the 1 million-square-foot portfolio. The assets include two office buildings — the 550,000-square-foot Waterfront Plaza and 375,000-square-foot Davies Pacific Center — and two retail assets known as Waikiki Marketplace and King Kalakaua. The principals of Parallel, along with Jay Shidler, are the existing owners of Davies Pacific Center and Waterfront Plaza, which the partnership originally acquired in 2003 and 2004 respectively. Additionally, the firm tapped Steven Sullivan, a former vice president of operations at The Shidler Group, as regional vice president for the Hawaii market. Serena Longo and Jack Roney of CBRE’s Honolulu office will oversee leasing at the properties.

May 9, 2019

Acquisitions California Retail Western

Nazareth Enterprises Buys Ice Rink for $11.5M in San Mateo After Public Campaign

by Amy Works May 9, 2019

SAN MATEO, CALIF. — Nazareth Enterprises has purchased the ice rink facilities and retail building at BridgePointe Shopping Center, a 55,000-square-foot asset located at 2200-2202 BridgePointe Parkway in San Mateo. SPI Holdings sold the property for $11.5 million in an off-market transaction. SPI Holdings, the previous owner, wished to convert the property into retail-only space, but the City of San Mateo and the public mounted a “Save the Rink” campaign. In 2017, Nazareth Enterprises leased the space from the seller and reopened — and later acquired — the ice rink.

May 9, 2019

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $2.6M Sale of Retail Building in Inland Empire

by Amy Works May 9, 2019

APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail building at Rancherias Plaza, located at 20162 Highway 18 in Apple Valley. A private Los Angeles-based investor sold the property to a private San Diego-based investor for $2.6 million. Built in 1991, the asset features 15,105 square feet of retail space. At the time of sale, the shopping center was 92 percent occupied. CVS/pharmacy and 99 Cents Only Stores anchor the property. Greg Bedell and Chris Lindholm of Progressive Real Estate Partners represented the seller in the transaction.

May 9, 2019

Colorado Loans Mixed-Use Office Retail Western

HFF Arranges $10.2M Refinancing for 18,460 SF Mixed-Use Property in Denver

by Amy Works May 8, 2019

DENVER — HFF has secured $10.2 million in refinancing for 2nd and Clayton, a mixed-use office and retail property located in Denver’s Cherry Creek neighborhood. Unico Properties, a subsidiary of Unico Investment Group, is the borrower and used the proceeds to pay off an existing loan. Originally constructed in 1954, the asset comprises three buildings totaling 18,460 square feet of retail and office space. The properties are located at 2641, 2645, 2659 East 2nd Ave. and 211 and 227 Clayton St. Tom Wilson and Leon McBroom of HFF arranged the six-year, fixed-rate loan with a portfolio lender for the borrower.

May 8, 2019

Development Illinois Midwest Retail

Centennial Unveils Green Space Vision for Two Malls in Illinois

by Kristin Harlow May 8, 2019

VERNON HILLS AND AURORA, ILL. — Centennial has unveiled new green space concepts at two malls in Illinois — Hawthorn Mall in Vernon Hills and Fox Valley Mall in Aurora. Centennial will transform the malls’ center courts into a multi-use environment in efforts to enhance consumer experience. Centennial will invest $12 million in the courtyards, which total 31,115 square feet. The new courtyards will be surrounded by dining and entertainment options. The design team includes architect Stantec and general contractor Graycor Construction Co. A timeline for construction was not released.

May 8, 2019

Acquisitions Retail Texas

HFF Negotiates Sale of 89,679 SF Shopping Center in Southwest Houston

by Taylor Williams May 7, 2019

HOUSTON — HFF has negotiated the sale of Beechcrest Shopping Center, an 89,679-square-foot, grocery-anchored shopping center in southwest Houston. The property is located near Beltway 8 at the intersection of Beechnut and Wilcrest streets, which have a combined traffic count of nearly 60,000 vehicles per day. Beechcrest Shopping Center was 100 percent leased at the time of sale to tenants such as DD’s Discounts, Dollar General, Pizza Hut and Lone Star Title. Ryan West, John Indelli, Charles Strauss and Ethan Goldberg of HFF represented the seller, South Florida-based Global Fund Investments LLC, in the transaction. Houston-based Wu Investments acquired the asset for an undisclosed price.

May 7, 2019

Acquisitions California Office Retail Western

Madison Partners Brokers $7.1M Sale of Retail, Office Building in Los Angeles

by Amy Works May 7, 2019

LOS ANGELES — Madison Partners has arranged the sale of a retail and creative office building, located at 62-66 Windward Ave. in the Venice neighborhood of Los Angeles. Southern California-based Optimus Properties sold the property to BrandView Capital Partners for $7.1 million, or $957 per square foot. Originally constructed in 1922, the 7,471-square-foot asset features a street-level portico with three retail units and a creative office unit on the second level, which features a rooftop deck. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller in the deal.

May 7, 2019

Acquisitions Indiana Midwest Retail

Millennial Holdings Purchases 200,000 SF Shopping Center in Indianapolis

by Kristin Harlow May 7, 2019

INDIANAPOLIS — Millennial Holdings, a New Jersey-based real estate group, has purchased Felbram Plaza North, a nearly 200,000-square-foot shopping center on the south side of Indianapolis. The purchase price was not disclosed. The property is approximately 75 percent leased. Millennial plans to repair the parking lot, replace the roof and install new HVAC units. Anchor tenants include Shopper’s World, Dollar Tree, Dollar General and MCL. John Riser of Riser Retail Group represented Millennial and the seller in the transaction. McCrea Property Group serves as leasing agent.

May 7, 2019

Acquisitions Midwest Ohio Retail

Pine Tree Acquires 89,436 SF Retail Center in Suburban Cleveland

by Kristin Harlow May 7, 2019

STREETSBORO, OHIO — Pine Tree has LLC acquired Streetsboro Crossing, an 89,436-square-foot retail center in Streetsboro near Cleveland. The purchase price was not disclosed. Giant Eagle anchors the property, which was completed in 1996 and renovated in 2001. Other tenants include Pet Supplies Plus, Palm Beach Tan, GNC, Sally Beauty Supply and Great Clips. The occupancy rate is 94 percent. Amy Sands and Clinton Mitchell of HFF marketed the property on behalf of the seller, Brixmor Property Group.

May 7, 2019

Acquisitions Connecticut Northeast Retail

SRS Brokers $2.6M Sale of Single-Tenant Retail Asset in Torrington, Connecticut

by Taylor Williams May 6, 2019

TORRINGTON, CONN. — Dallas-based SRS Real Estate Partners has brokered the $2.6 million sale of a single-tenant retail property that is net leased to AFC Urgent Care in Torrington, Connecticut, located west of Hartford. The tenant’s lease term is 15 years. Britt Raymond and Kyle Fant of SRS represented the Connecticut-based seller, which completed construction of the property earlier this year. Terri Frohnmayer of First Commercial Oregon represented the Oregon-based buyer, which acquired the asset via a 1031 exchange.

May 6, 2019

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